MIRA
INFORM REPORT
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Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
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Name : |
KARAMTARA FASTENERS PRIVATE LIMITED |
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Registered
Office : |
117, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.10.2003 |
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Com. Reg. No.: |
11-142645 |
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CIN No.: [Company Identification
No.] |
U28991MH2003PTC142645 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMK115903 |
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PAN No.: [Permanent Account No.] |
AABCK1921E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Nut and Bolt |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 710000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
705, Morya Landmark II, New |
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Tel. No.: |
91-22-26731000 |
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Fax No.: |
91-22-63731015 |
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E-Mail : |
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Website : |
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Factory : |
A – 12, MIDC Tarepur, Boisar, Thane, |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Tanveer Hanwant Manbir Singh |
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Designation : |
Director |
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Address : |
401, Panch Amrut, Panch Marg, Off Yari Road, Versova, Andheri (w),
Mumbai – 400061, Maharashtra, India. |
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Date of Birth/Age : |
21.01.1970 |
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Date of Appointment : |
13.10.2003 |
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Name : |
Mr. Rajiv Hanwant Manbir Singh |
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Designation : |
Director |
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Address : |
401, Panch Amrut, Panch Kutir, Off Yari Road, Versova, Andheri (w),
Mumbai – 400061, Maharashtra, India. |
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Date of Birth/Age : |
07.03.1973 |
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Date of Appointment : |
13.10.2003 |
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Name : |
Mr. Indeerjeet Hanwant
Manbir Singh |
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Designation : |
Director |
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Address : |
301, Panch Amrut, Panch Kutir, Off Yari Road, Versova, Andheri (w),
Mumbai – 400061, Maharashtra, India. |
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Date of Birth/Age : |
10.12.1947 |
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Date of Appointment : |
13.10.2003 |
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Name : |
Mr. Hanwant Manbir Tara Singh |
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Designation : |
Director |
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Address : |
301, Panch Amrut, Panch Kutir, Off Yari Road, Versova, Andheri (w), Mumbai
– 400061, Maharashtra, India. |
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Date of Birth/Age : |
02.03.1938 |
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Date of Appointment : |
13.10.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Singh Hanwant Manbir |
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402500 |
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Singh Indeerjeet H |
|
2500 |
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Singh Tanveer H |
|
2500 |
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Singh Rajiv H |
|
2500 |
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Karamtara Engineering Private Limited, |
|
3090000 |
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TOTAL |
|
3500000 |
As on 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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88.29 |
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Directors or relatives of directors |
|
11.71 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Fastners |
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Brand Names : |
‘’KFL’’ |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Nut Bolts |
MT |
|
9000 |
7671 |
GENERAL INFORMATION
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Suppliers : |
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Bankers : |
·
Oriental Bank of Commerce, Shreeji Chambers,
Opera House, Mumbai – 400004, ·
Standard Chartered Bank, 90, M G road, Fort,
Mumbai-400 001, ·
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Chokshi and Chokshi Chartered Accountant |
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Address : |
15/17, B Raghavji Building, Raghavji Road, Gowalia Tank, Off Kems
Corner, Mumbai – 400036, Maharashtra, India. |
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Memberships : |
Karamtara Steel Private Limited |
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Holding Company : |
Karamtara Engineering Private
Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10 each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3500000 |
Equity Shares |
Rs. 10 each |
Rs.35.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.000 |
35.000 |
5.000 |
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2] Share Application Money |
16.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.382 |
27.518 |
10.733 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
107.382 |
62.518 |
15.733 |
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LOAN FUNDS |
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1] Secured Loans |
58.750 |
56.506 |
63.218 |
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2] Unsecured Loans |
5.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
63.750 |
56.506 |
63.218 |
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DEFERRED TAX LIABILITIES |
5.041 |
3.842 |
2.824 |
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TOTAL |
176.173 |
122.866 |
81.775 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
116.956 |
88.613 |
78.077 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
133.436
|
87.078
|
40.596 |
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Sundry Debtors |
141.282
|
46.736
|
46.354 |
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Cash & Bank Balances |
35.033
|
16.620
|
12.159 |
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Other Current Assets |
22.782
|
0.000
|
0.000 |
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Loans & Advances |
25.576
|
43.933
|
22.718 |
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Total
Current Assets |
358.109
|
194.367
|
121.827 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
275.819
|
143.224
|
109.349 |
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Other Current Liabilities |
0.647
|
3.392
|
2.234 |
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Provisions |
22.533
|
13.555
|
6.617 |
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Total
Current Liabilities |
298.999
|
160.171
|
118.200 |
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Net Current Assets |
59.110
|
34.196
|
3.627 |
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MISCELLANEOUS EXPENSES |
0.107 |
0.057 |
0.071 |
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TOTAL |
176.173 |
122.866 |
81.775 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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|
280.456 |
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Other Income |
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|
0.316 |
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TOTAL (A) |
567.536 |
469.057 |
280.772 |
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Less |
EXPENSES |
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Office Expenses |
|
|
228.793 |
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Direct Expenses |
|
|
18.498 |
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Administrative and Other Expenses |
|
|
4.057 |
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Employees Emoluments and Benefits Expenses |
497.171 |
408.060 |
8.178 |
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Increase/Decrease of Finished Goods |
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|
(11.664) |
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TOTAL (B) |
497.171 |
408.060 |
247.862 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
70.365 |
60.997 |
32.910 |
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Less |
FINANCIAL
EXPENSES (D) |
7.643 |
23.228 |
14.167 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
62.722 |
37.769 |
18.743 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.660 |
12.252 |
6.186 |
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PROFIT BEFORE
TAX (E-F) (G) |
49.062 |
25.517 |
12.557 |
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Less |
TAX (H) |
20.198 |
8.729 |
6.338 |
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PROFIT AFTER TAX
(G-H) (I) |
28.864 |
16.788 |
6.219 |
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Earnings Per
Share (Rs.) |
8.25 |
4.80 |
12.44 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.09
|
3.57
|
2.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
4.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.33
|
9.01
|
6.28 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.40
|
0.79 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.38
|
3.46
|
11.53 |
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Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.21
|
1.03 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
KARAMTARA
FASTENERS PRIVATE LIMITED |
|
Presented By |
Jointly company and charge holder |
|
1) Date and description of instrument creating the change |
No instrument was executed. Charge created on 21.04.2005 by way of equitable mortgage by deposit of title deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 19.700
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Immovable
property of the company viz., plot No.
A/12 admeasuring 12.256 sq.mtrs. together with structure standing there on
situate at Tarapur Industrial Area, Village KLolwad, Taluka Palghar, District
Thane. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security to cover
principal amount together with all interest, cost, charges, expenses, etc. |
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5) Name and Address and description of the person entitled to the charge. |
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6) Date and brief description of instrument modifying the charge |
No instrument was
executed. Charge created on10.09.2005 by way of equitable mortgage by deposit
of title deeds by constructive delivery. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Total amount
secured stands enhanced from Rs.19.700 millions to Rs. 31.200 millions in
respect of:
|
|
Corporate
identity number of the company |
U28991MH2003PTC142645 |
|
Name of the
company |
KARAMTARA
FASTENERS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
117, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Standard Chartered Bank, 90, M G road, Fort, Mumbai-400 001, |
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Nature of
description of the instrument creating or modifying the charge |
Unattested
Memorandum of Hypothecation |
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Date of
instrument Creating the charge |
31.08.2010 |
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Amount secured by
the charge |
Rs.150.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Credit
Facilities. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
Repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any. Extent and
Operation of the charge The Bank is having
first pari passu charge on the security given by the Company. |
|
Short particulars
of the property charged |
Hypothecation by
way of first pari passu charge on: a) all present and future book debts, o/s
money receivables, claims and bills b) all present
and future stock in trade consisting of raw materials, finished goods, goods
in process of manufacturing and other merchandise c) all present
and future movable properties of the borrower |
WEBSITE DETAILS
PROFILE
Activities Since 1996: Subject has been promoted by the
Karamtara Group which has been in the business of manufacturing
The company will be involved in the activities of manufacturing of Hex bolts nuts washers, Studs Threaded Bars, Coach bolts, Track- shoe bolts, socket head capscrew, Guard rail fastneres etc. and forged components from 14mm to 72 mm dia, length upto 1000 mm in Mild Steel,High tensile Grades, in various finish like Black thermal, electroplating and hot dip galvanized.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.58 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.61.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.